Wills, Trusts & Estates

What information do I need to create an Estate Plan?

See our information sheet link, which explains the various options in these documents and the decisions you need to make have a basic estate plan.

Do you offer Couples Wills?

We offer a discounted rate for Husband/Wife Wills and/or Couples. However, each of you will still have your own will.

Do I need to list everything I own in my own Will?

Not necessarily. If the majority of your assets are going to the same person or persons or if you think you may exchange that asset for another in a year or two, it may make more sense to simply leave the residue (or portions of your estate not already distributed by your will) to the desired beneficiary.

How often should I revise my Will and/or my estate plan?

We recommend reviewing your Will and Estate Plan every 3-5 years for various reasons.

First, your life circumstances have likely changed. Your children may be adults or other people named in your Will may no longer be in your life.

Second, your assets may have changed. As your life changes, you may have upsized or downsized your home or shifted assets to different forms. For example, you may have moved your savings into an IRA or other retirement account or moved your retirement into a savings account. These changes may affect how items should be listed in your Will.

Third, sometimes the laws change. For example, laws related to Power’s of Attorney were revised in 2014, with some of those changes taking effect in 2014 and others taking effect in 2015, with further adjustments occurring in 2016. These changes were designed to better protect the person who may be incapacitated and provide clearer language regarding the responsibilities of someone who is acting as a power of attorney.

To avoid complications, your documents need to be properly worded, as well as witnessed by impartial parties and notarized. Thus, it is always recommended that you visit a lawyer to ensure these important documents are correctly prepared.

Why do I need a Power of Attorney?

A power of attorney can provide someone you trust with authority to take care of your finances and assist with healthcare decisions and other matters. This becomes important if you have an illness or become incapacitated because without this document, it is likely a court proceeding will be necessary to give a trusted family member or friend the authority to manage your finances (for example, ensuring your mortgage is paid) or assist with healthcare issues (for example, talking to the health insurance company to get treatment authorization). A court proceeding not only delays the handling of these important matters, but can be costly. The power of attorney avoids this and can go into effect immediately. The power of attorney ends with death and can be revoked at any time.

What is a Living Will?

A living will is a set of instructions as to what life-saving measures you may want or may not want, should you encounter an illness or injury that renders you terminally ill or in a permanent coma or persistent vegetative state with no significant chance of recovery. While it is your decision as to when to provide this document to relevant healthcare providers, our office generally recommends that you keep the document in a safe place and tell a trusted family member or friend where it is located so that it may be produced at the appropriate time. We can discuss the reasoning behind this suggestion further at the time of our meeting.

Can I avoid probate?

There are ways to ensure that your assets go directly to your intended beneficiary without having to go through a court process. This can save court fees, but planning is necessary to do this. Everyone always hears they should avoid probate, and while there are some good reasons to avoid probate (such as some cost savings and possible faster processing), having assets that need to go through the probate process is not as bad as people think. The probate process actually prevents fraud and ensures your beneficiaries actually get the assets you are leaving them. We are here to assist with the court process known as probate.

Do I need a trust?

A trust can not only help to avoid the probate process, but it can also appoint someone to manage the money you leave behind to ensure the person you are taking care of does not squander or mismanage it. A trust can also protect assets and help avoid some costs and taxes. However, not everyone needs a trust. We can discuss in detail at a meeting whether or not this option is right for you and your situation.

What is inheritance tax and who pays it?

Inheritance Tax is a tax assessed by the state on the net value of the deceased person’s estate that is either paid by the person inheriting the money or paid prior to distributing the money to the person inheriting it. The amount of tax varies and is a percentage based on your relationship to the decedent. For example, a spouse is taxed at 0%, while a child is taxed at 4.5% percent. Generally, if the estate is probated, a tax return needs to be filed even if you owe no tax. It is important that you speak with us early on, as many expenses can be deducted on the return. Give us a call today to schedule a meeting to discuss any questions or concerns you may have.